8 Ways Social Security Could Change in 2016
The 2015 Budget Act passed in November showed that significant changes to Social Security Retirement benefits can be passed by Congress very quickly.
Unfortunately, even after eliminating a lucrative filing strategy for couples, the solvency of the Retirement trust is still at risk.
In fact, now it is even more so since the funds are currently also being used to help prevent the Social Security disability trust from running out of money this year.
In September of 2015 the office of the Chief Actuary released a summary of provisions that would change the Social Security system.
Given that more people are filing for benefits from a pool that is rapidly decreasing, sage retirees can gain a headstart by reviewing the options being discussed.
This is even more important now that Presidential candidates are in full campaign mode, making promises that may not be realistic.
Among the list of options to make the system solvent again:
- Cut benefits
- Increase taxes
- Increase the retirement age
- Increase the wage base
- Reduce spousal benefits
- And more..
For a complete review of these options and a better understanding of how these options could affect your retirement read my blog by clicking here.
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